Benki Kuu Ya Tanzania (Bank of Tanzania)
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Bank of Tanzania is the central bank of the Republic of Tanzania. The Bank of Tanzania Act, 1965 paved the way for the establishment of the bank and the bank started operation on June 14 1966.
Bank of Tanzania is the central bank of the Republic of Tanzania. The Bank of Tanzania Act, 1965 paved the way for the establishment of the bank and the bank started operation on June 14 1966.
However, the Bank of Tanzania Act 1995 vested exclusive powers in the bank, which was to conduct the monetary policy. According to the Bank of Tanzania Act “The primary objective of the Bank shall be to formulate and implement monetary policy, directed to the economic objective of maintaining price stability, conducive to a balanced and sustainable growth of the national economy of Tanzania.” In the pursuance of its objective the bank undertakes following activities:
- To act as the bank of issue of the legal tender
- To act as the banker to the country’s banks
- To act as the banker for and on behalf of the government
- To act as an advisor to the government on financial, economic and monetary matters
- To act as the custodian of the country’s international reserves
- Supervising the activities of the country’s banks and financial institutions
- To foster the financial development of the economy
The Board of Directors is the highest decision making body of the Bank of Tanzania. The board consists of ten members, four of whom are ex-officio members. The main responsibility of the board is to determine the policies of the bank, approving its budget and allocating profits that arise from its operations.
Three committees of the Board – the Standing Committee, Banking Supervision Committee and Audit Committee – assist it in its functioning. All the members of the board, except the ex-officio members, hold office for three years and can be reappointed. Economy Watch offers comprehensive information on Benki Kuu Ya Tanzania, the central bank of Tanzania and World Central Banks.
The Address and Contact details of the bank is as follows:
Bank of Tanzania
Address:
P.O. Box 2939 (10 Mirambo Street)
Dar es Salaam TANZANIA
Phone No.: ++255-51-11 09 46-50
Fax: ++255-51-11 33 25
